The ranking of locations with the greatest income-to-cost-gap — the difference in salaries and cost of living — is led by Houston, which the list states is the most cost-effective city in the nation. Austin, ranked No. 4, has the best of both economic worlds, according to PayScale.com.

"Its housing prices are 15 percent below the national average and its cost of living trails the nationwide average by 3 percent. Bolstered by its large tech community, Austin gives its residents a good chance at socking away some cash along with a comfortable standard of living," the article states.

Omaha, Neb. is ranked second followed by Dallas-Fort Worth. Charlotte, N.C. took the No. 5 spot.